Benzinga | Jul 26, 2021 12:28PM EDT

MDC Partners Issues PR Highlighting News Shareholders Approve Business Combination With Stagwell

MDC Partners Inc. ("MDC Partners", "MDC" or the "Company") announced today that MDC shareholders voted to approve the previously announced business combination (the "Transaction") of MDC with certain subsidiaries of Stagwell Media LP ("Stagwell"), during a special meeting of shareholders held earlier today. Following the close of the Transaction, the combined company will be renamed Stagwell Inc, and will be traded on the NASDAQ Stock Exchange. The Company currently anticipates that the Transaction will be completed on or around August 2, 2021. The final vote results will be filed on a Form 8-K with the Securities and Exchange Commission.

Mark Penn, Chairman and CEO of MDC Partners and Managing Partner of the Stagwell Group said, "On behalf of our Board and management team, I would like to thank our shareholders for their approval of the combination with Stagwell and for recognizing this was a unique opportunity to create a new marketing machine that can transform the industry and create enhanced opportunities for growth and value in the marketplace. The combined company's nearly 10,000 employees will bring together the best in creativity globally with new, connected experiences to serve our clients effectively. The long wait is over, and we are ready to move forward together."

Irwin D. Simon, Lead Independent Director & Chair of the MDC Partners Special Committee commented, "We are pleased with the outcome of today's Special Meeting and want to thank all MDC shareholders for their support of the combination with Stagwell. The recent constructive dialogue amongst all parties helped us reach a deal that is in the best interests of MDC shareholders and leaves the combined company well positioned to create growth and cash flow, while generating value for all MDC shareholders."